Jul 8, 2010

Jamsostek to buy 30% stakes in Bukopin

Indonesia's largest labor insurance provider PT Jamsostek (Persero) has committed to buy 20%-30% stakes of PT Bank Bukopin Tbk during rights issue.
"We have discussed with Jamsostek in relation to the position of rights issue standby buyer scheduled at the end of this year," Bank Bukopin President Director Glen Glenardi said.
But, he didn't explain the value of the exercise price.
According to him, Bukopin's rights issue is intended to jack up core capital, which is in line with Bank Indonesia's requirement.
The bank is scheduled to hold rights issue at the end of 2010. It has invited some investment managers to make a feasibility study. The bank's CAR stays at 14%, while it plans to boost 15%-20% of credit expansion.